Posted on Aug 14, 2012 in Economic News, Federal Reserve & Bankers, Political Issues
Source: Economic Policy Journal (Notes and corrections by Kevin Hayden)
He babbles about Ayn Rand, but when it comes to his actions, Paul Ryan is a thief right out of the John Maynard Keynes school of using government for insider profit gains.
In September of 2008, Ryan sold stock in several US banks on the same day he attended confidential meetings involving top level officials disclosing that the banking sector was headed for a deep crisis. He immediately sold his stock in troubled banks, including Wachovia and Citigroup.
Not long after the meeting, Wachovia’s already troubled share price went into free fall. It plunged 39% on the afternoon of September 26th.
Citigroup’s share price also fell soon after the meeting. Most interesting, though, while selling other bank stocks, Ryan bought shares that day in Goldman Sachs.
September 18th, 2008, was a Thursday. On the following Tuesday, Warren Buffet announced that the company he controls, Berkshire Hathaway, was making a $5 billion investment in Goldman Sachs. The stock soared after the news. Buffett’s plan to buy Goldman stock was likely discussed at the meeting that Ryan attended. ...Continue ReadingView Comments (2)